NPORT-EX 2 376961DBX113023.htm HTML

DBX ETF Trust

SCHEDULE OF INVESTMENTS

Xtrackers MSCI USA Climate Action Equity ETF

November 30, 2023 (Unaudited)

 

                                         
     Number of
Shares		      Value  
COMMON STOCKS - 99.6%      
Communication Services - 11.0%      
Alphabet, Inc., Class A*      444,250      $ 58,876,453  
Alphabet, Inc., Class C*      390,607        52,310,090  
AT&T, Inc.      573,038        9,495,240  
Charter Communications, Inc., Class A*      7,910        3,165,028  
Comcast Corp., Class A      329,899        13,819,469  
Liberty Global Ltd., Class C*      22,900        385,636  
Liberty Media Corp.-Liberty Formula One, Class C*      15,821        1,007,165  
Match Group, Inc.*      22,288        721,685  
Meta Platforms, Inc., Class A*      178,141        58,278,828  
Netflix, Inc.*      35,519        16,834,940  
Pinterest, Inc., Class A*      46,614        1,588,139  
Snap, Inc., Class A*      83,468        1,154,362  
Take-Two Interactive Software, Inc.*      13,594        2,150,571  
T-Mobile US, Inc.      42,438        6,384,797  
Verizon Communications, Inc.      336,966        12,915,907  
Walt Disney Co.*      146,662        13,594,101  
     

 

 

  
(Cost $212,181,529)         252,682,411  
     

 

 

  
Consumer Discretionary - 12.3%      
Airbnb, Inc., Class A*      34,059        4,303,014  
Amazon.com, Inc.*      744,254        108,728,067  
Booking Holdings, Inc.*      2,861        8,942,628  
Caesars Entertainment, Inc.*      17,257        771,733  
Chipotle Mexican Grill, Inc.*      2,211        4,869,175  
Darden Restaurants, Inc.      9,645        1,509,153  
Deckers Outdoor Corp.*      2,051        1,361,802  
eBay, Inc.      42,665        1,749,692  
Etsy, Inc.*      9,860        747,487  
Ford Motor Co.      315,117        3,233,100  
Garmin Ltd.      12,633        1,544,258  
General Motors Co.      110,281        3,484,880  
Hasbro, Inc.      10,547        489,486  
Hilton Worldwide Holdings, Inc.      20,841        3,491,284  
Home Depot, Inc.      80,164        25,130,612  
Hyatt Hotels Corp., Class A      3,684        422,776  
Las Vegas Sands Corp.      27,577        1,271,851  
Lucid Group, Inc.*(a)      90,804        383,193  
Lululemon Athletica, Inc.*      9,246        4,131,113  
Marriott International, Inc., Class A      20,317        4,118,256  
McDonald’s Corp.      58,413        16,463,120  
MercadoLibre, Inc.*      3,614        5,856,342  
MGM Resorts International      22,507        887,676  
NIKE, Inc., Class B      98,111        10,818,700  
Starbucks Corp.      91,808        9,116,534  
Tesla, Inc.*      228,957        54,967,997  
Ulta Beauty, Inc.*      3,942        1,679,253  
Vail Resorts, Inc.      3,058        664,534  
Wynn Resorts Ltd.      8,219        693,848  
Yum! Brands, Inc.      22,467        2,820,732  
     

 

 

  
(Cost $270,850,778)         284,652,296  
     

 

 

  
Consumer Staples - 5.7%      
Bunge Global SA      12,259        1,346,896  
Campbell Soup Co.      15,540        624,397  
Church & Dwight Co., Inc.      19,746        1,908,056  
Clorox Co.      9,944        1,425,472  
Coca-Cola Co.      329,129        19,234,299  
Colgate-Palmolive Co.      62,896        4,954,318  
Constellation Brands, Inc., Class A      13,253        3,187,214  
Estee Lauder Cos., Inc., Class A      18,606        2,375,800  
General Mills, Inc.      46,606        2,966,938  
Hershey Co.      12,018        2,258,423  
Kellanova      21,986        1,155,144  
Keurig Dr Pepper, Inc.      84,026        2,652,701  
Kimberly-Clark Corp.      27,125        3,356,176  
McCormick & Co., Inc.      20,150        1,306,324  
Mondelez International, Inc., Class A      108,994        7,745,114  
Monster Beverage Corp.*      62,930        3,470,590  
PepsiCo, Inc.      110,143        18,535,965  
Procter & Gamble Co.      188,867        28,994,862  
Target Corp.      37,001        4,951,104  
Walgreens Boots Alliance, Inc.      58,874        1,173,948  
Walmart, Inc.      118,663        18,474,642  
     

 

 

  
(Cost $137,025,243)         132,098,383  
     

 

 

  
Energy - 4.4%      
Baker Hughes Co.      82,650        2,789,437  
Chevron Corp.      145,421        20,882,456  
ConocoPhillips      96,005        11,095,298  
Diamondback Energy, Inc.      13,621        2,103,219  
EOG Resources, Inc.      46,686        5,745,646  
Exxon Mobil Corp.      321,042        32,983,855  
Halliburton Co.      73,364        2,716,669  
Hess Corp.      22,151        3,113,544  
Kinder Morgan, Inc.      160,859        2,826,293  
Marathon Oil Corp.      49,620        1,261,837  
Occidental Petroleum Corp.      53,127        3,142,462  
ONEOK, Inc.      46,701        3,215,364  
Pioneer Natural Resources Co.      18,699        4,331,436  
Schlumberger NV      113,931        5,928,969  
     

 

 

  
(Cost $102,338,415)         102,136,485  
     

 

 

  
Financials - 12.6%      
American Express Co.      50,179        8,569,068  
American International Group, Inc.      56,622        3,726,294  
Annaly Capital Management, Inc. REIT      39,593        715,445  
Aon PLC, Class A      16,272        5,345,189  
Apollo Global Management, Inc.      31,760        2,921,920  
Arch Capital Group Ltd.*      30,446        2,548,026  
Ares Management Corp., Class A      13,374        1,501,231  
Arthur J Gallagher & Co.      17,252        4,295,748  
Bank of America Corp.      573,282        17,479,368  
Bank of New York Mellon Corp.      62,446        3,017,391  
BlackRock, Inc.      11,968        8,990,721  
Blackstone, Inc.      56,886        6,392,280  

                                         
Block, Inc.*      44,037        2,793,267  
Cboe Global Markets, Inc.      8,758        1,595,620  
Charles Schwab Corp.      120,608        7,395,682  
Chubb Ltd.      32,934        7,556,048  
FactSet Research Systems, Inc.      3,061        1,388,041  
Fidelity National Information Services, Inc.      47,486        2,784,579  
Fiserv, Inc.*      48,854        6,380,821  
Global Payments, Inc.      20,840        2,426,610  
Goldman Sachs Group, Inc.      26,425        9,025,194  
Hartford Financial Services Group, Inc.      24,424        1,908,980  
Intercontinental Exchange, Inc.      45,883        5,223,321  
Jack Henry & Associates, Inc.      5,841        926,908  
JPMorgan Chase & Co.      232,929        36,355,558  
MarketAxess Holdings, Inc.      3,014        723,722  
Marsh & McLennan Cos., Inc.      39,554        7,887,859  
Mastercard, Inc., Class A      67,439        27,908,281  
Moody’s Corp.      13,178        4,809,443  
Morgan Stanley      99,613        7,903,295  
Nasdaq, Inc.      27,573        1,539,676  
Northern Trust Corp.      16,599        1,315,471  
PayPal Holdings, Inc.*      83,601        4,816,254  
PNC Financial Services Group, Inc.      31,929        4,277,209  
Progressive Corp.      46,921        7,696,452  
S&P Global, Inc.      26,081        10,845,262  
T. Rowe Price Group, Inc.      17,985        1,800,838  
Tradeweb Markets, Inc., Class A      8,958        868,030  
Travelers Cos., Inc.      18,311        3,307,333  
US Bancorp      122,898        4,684,872  
Visa, Inc., Class A      128,788        33,057,304  
W.R. Berkley Corp.      16,857        1,222,975  
Wells Fargo & Co.      293,107        13,069,641  
Willis Towers Watson PLC      8,407        2,070,644  
     

 

 

  
(Cost $264,188,786)         291,067,871  
     

 

 

  
Health Care - 13.9%      
Abbott Laboratories      139,104        14,507,156  
AbbVie, Inc.      141,475        20,144,625  
Agilent Technologies, Inc.      23,452        2,997,166  
Amgen, Inc.      42,874        11,560,545  
Biogen, Inc.*      11,607        2,716,967  
Boston Scientific Corp.*      117,392        6,561,039  
Bristol-Myers Squibb Co.      167,438        8,268,088  
Charles River Laboratories International, Inc.*      4,109        809,802  
Cigna Group      23,725        6,236,828  
CVS Health Corp.      102,950        6,995,453  
Danaher Corp.      56,225        12,555,605  
DaVita, Inc.*      4,564        463,063  
Edwards Lifesciences Corp.*      48,725        3,299,170  
Elevance Health, Inc.      18,890        9,057,566  
Eli Lilly & Co.      64,674        38,224,921  
Gilead Sciences, Inc.      99,873        7,650,272  
IDEXX Laboratories, Inc.*      6,643        3,094,442  
Illumina, Inc.*      12,685        1,293,236  
Incyte Corp.*      15,260        829,228  
IQVIA Holdings, Inc.*      14,679        3,142,774  
Johnson & Johnson      193,008        29,850,617  
Laboratory Corp. of America Holdings      7,070        1,533,554  
McKesson Corp.      10,812        5,087,695  
Merck & Co., Inc.      203,397        20,844,125  
Mettler-Toledo International, Inc.*      1,753        1,914,153  
Pfizer, Inc.      452,529        13,788,559  
Regeneron Pharmaceuticals, Inc.*      8,556        7,048,518  
Repligen Corp.*      4,247        667,841  
Revvity, Inc.      9,948        884,377  
Seagen, Inc.*      11,283        2,405,648  
Thermo Fisher Scientific, Inc.      30,936        15,336,831  
UnitedHealth Group, Inc.      74,247        41,056,364  
Vertex Pharmaceuticals, Inc.*      20,688        7,340,309  
Waters Corp.*      4,738        1,329,530  
West Pharmaceutical Services, Inc.      5,921        2,076,850  
Zimmer Biomet Holdings, Inc.      16,748        1,947,960  
Zoetis, Inc.      36,899        6,518,946  
     

 

 

  
(Cost $314,721,293)         320,039,823  
     

 

 

  
Industrials - 6.7%      
3M Co.      44,243        4,383,154  
AECOM      10,799        959,599  
Allegion PLC      7,041        746,980  
AMETEK, Inc.      18,509        2,873,152  
Automatic Data Processing, Inc.      33,023        7,592,648  
Booz Allen Hamilton Holding Corp.      10,885        1,362,040  
Broadridge Financial Solutions, Inc.      9,287        1,800,006  
Carlisle Cos., Inc.      3,993        1,119,677  
Ceridian HCM Holding, Inc.*      11,855        816,810  
Cintas Corp.      7,285        4,030,426  
Copart, Inc.*      68,152        3,422,593  
CSX Corp.      160,831        5,194,841  
Cummins, Inc.      11,361        2,546,682  
Deere & Co.      21,933        7,992,605  
Dover Corp.      11,233        1,585,650  
Eaton Corp. PLC      31,981        7,281,754  
Emerson Electric Co.      45,811        4,072,598  
Equifax, Inc.      9,839        2,142,049  
Expeditors International of Washington, Inc.      11,860        1,427,232  
FedEx Corp.      19,143        4,954,783  
Fortive Corp.      28,229        1,947,236  
Graco, Inc.      13,566        1,095,862  
Hubbell, Inc.      4,205        1,261,500  
IDEX Corp.      6,065        1,223,189  
Illinois Tool Works, Inc.      24,169        5,853,974  
JB Hunt Transport Services, Inc.      6,632        1,228,711  
Johnson Controls International PLC      54,543        2,879,870  
Norfolk Southern Corp.      18,198        3,970,076  

                                         
Old Dominion Freight Line, Inc.      7,883        3,066,960  
Owens Corning      7,402        1,003,563  
PACCAR, Inc.      42,544        3,906,390  
Paychex, Inc.      26,061        3,178,660  
Paycom Software, Inc.      4,358        791,674  
Quanta Services, Inc.      11,646        2,193,058  
Republic Services, Inc.      17,446        2,823,461  
Robert Half, Inc.      8,593        704,454  
Rockwell Automation, Inc.      9,208        2,536,252  
Stanley Black & Decker, Inc.      12,719        1,156,157  
Trane Technologies PLC      18,167        4,095,023  
TransUnion      15,494        909,808  
Uber Technologies, Inc.*      147,412        8,311,089  
Union Pacific Corp.      48,846        11,003,538  
United Parcel Service, Inc., Class B      57,973        8,789,287  
Verisk Analytics, Inc.      11,866        2,864,808  
Waste Connections, Inc.      20,653        2,798,275  
Waste Management, Inc.      32,472        5,552,387  
Westinghouse Air Brake Technologies Corp.      14,652        1,707,837  
Xylem, Inc.      19,312        2,030,271  
     

 

 

  
(Cost $141,273,207)         155,188,649  
     

 

 

  
Information Technology - 25.9%      
Accenture PLC, Class A      50,304        16,758,275  
Adobe, Inc.*      36,493        22,297,588  
Advanced Micro Devices, Inc.*      129,498        15,689,978  
Akamai Technologies, Inc.*      12,463        1,439,850  
Analog Devices, Inc.      39,946        7,325,297  
ANSYS, Inc.*      6,960        2,041,786  
Apple, Inc.      597,548        113,504,243  
Aspen Technology, Inc.*      2,324        437,516  
Atlassian Corp., Class A*      12,431        2,373,699  
Autodesk, Inc.*      17,140        3,743,890  
Bentley Systems, Inc., Class B      16,974        883,666  
Broadcom, Inc.      35,570        32,928,216  
Cadence Design Systems, Inc.*      21,729        5,937,884  
Cisco Systems, Inc.      324,663        15,707,196  
Cloudflare, Inc., Class A*      22,810        1,759,791  
Cognizant Technology Solutions Corp., Class A      41,176        2,897,967  
Confluent, Inc., Class A*      14,494        307,563  
Datadog, Inc., Class A*      20,693        2,412,183  
Dell Technologies, Inc., Class C      20,955        1,589,856  
Dropbox, Inc., Class A*      21,265        599,248  
Enphase Energy, Inc.*      10,929        1,104,048  
EPAM Systems, Inc.*      4,646        1,199,551  
First Solar, Inc.*      8,129        1,282,594  
Fortinet, Inc.*      53,507        2,812,328  
Gartner, Inc.*      6,265        2,724,273  
Gen Digital, Inc.      46,819        1,033,764  
Hewlett Packard Enterprise Co.      102,874        1,739,599  
HubSpot, Inc.*      3,810        1,881,873  
International Business Machines Corp.      73,016        11,577,417  
Intuit, Inc.      22,462        12,836,135  
Microsoft Corp.      303,099        114,847,242  
NVIDIA Corp.      197,971        92,591,037  
Okta, Inc.*      12,565        842,483  
Oracle Corp.      131,740        15,309,505  
Palo Alto Networks, Inc.*      24,731        7,297,871  
PTC, Inc.*      9,695        1,525,605  
QUALCOMM, Inc.      89,426        11,540,425  
Roper Technologies, Inc.      8,534        4,593,425  
Salesforce, Inc.*      77,986        19,644,673  
ServiceNow, Inc.*      16,375        11,228,992  
Snowflake, Inc., Class A*      22,463        4,215,856  
Splunk, Inc.*      13,096        1,984,568  
Synopsys, Inc.*      12,183        6,618,171  
Texas Instruments, Inc.      72,779        11,114,081  
Trimble, Inc.*      19,910        923,824  
Workday, Inc., Class A*      16,570        4,485,830  
Zscaler, Inc.*      7,328        1,447,500  
     

 

 

  
(Cost $490,018,085)         599,038,362  
     

 

 

  
Materials - 2.4%      
Albemarle Corp.      9,397        1,139,574  
Avery Dennison Corp.      6,471        1,258,609  
Ball Corp.      25,272        1,397,289  
Corteva, Inc.      56,797        2,567,224  
Crown Holdings, Inc.      9,678        832,405  
DuPont de Nemours, Inc.      36,805        2,633,030  
Ecolab, Inc.      20,894        4,006,007  
FMC Corp.      9,999        536,546  
Freeport-McMoRan, Inc.      114,817        4,284,970  
Linde PLC      39,112        16,183,372  
Newmont Corp.      92,385        3,712,953  
Nucor Corp.      19,943        3,389,712  
PPG Industries, Inc.      18,887        2,681,765  
RPM International, Inc.      10,520        1,082,824  
Sherwin-Williams Co.      19,554        5,451,655  
Steel Dynamics, Inc.      12,621        1,503,540  
Vulcan Materials Co.      10,626        2,269,289  
     

 

 

  
(Cost $51,054,463)         54,930,764  
     

 

 

  
Real Estate - 2.4%      
Alexandria Real Estate Equities, Inc. REIT      13,180        1,441,892  
American Tower Corp. REIT      37,368        7,801,691  
AvalonBay Communities, Inc. REIT      11,389        1,969,614  
CBRE Group, Inc., Class A*      24,848        1,961,998  
Crown Castle, Inc. REIT      34,706        4,070,320  
Digital Realty Trust, Inc. REIT      24,676        3,424,535  
Equinix, Inc. REIT      7,503        6,115,020  
Equity Residential REIT      28,871        1,641,028  
Essex Property Trust, Inc. REIT      5,148        1,098,892  
Healthpeak Properties, Inc. REIT      43,860        759,655  
Kimco Realty Corp. REIT      49,739        960,957  

                                         
Prologis, Inc. REIT      74,061        8,511,831  
Realty Income Corp. REIT      56,806        3,065,252  
Regency Centers Corp. REIT      13,334        837,109  
Simon Property Group, Inc. REIT      26,232        3,276,114  
VICI Properties, Inc. REIT      81,251        2,428,592  
Welltower, Inc. REIT      42,032        3,745,051  
Weyerhaeuser Co. REIT      58,345        1,829,116  
     

 

 

  
(Cost $52,897,512)         54,938,667  
     

 

 

  
Utilities - 2.3%      
Alliant Energy Corp.      20,256        1,024,346  
American Electric Power Co., Inc.      41,305        3,285,813  
American Water Works Co., Inc.      15,610        2,058,022  
Consolidated Edison, Inc.      27,660        2,492,443  
Constellation Energy Corp.      25,755        3,117,385  
Dominion Energy, Inc.      67,076        3,041,226  
Duke Energy Corp.      61,790        5,701,981  
Edison International      30,752        2,060,076  
Essential Utilities, Inc.      19,901        708,675  
Eversource Energy      27,983        1,662,470  
Exelon Corp.      79,795        3,072,905  
NextEra Energy, Inc.      164,401        9,619,103  
Public Service Enterprise Group, Inc.      40,034        2,499,323  
Sempra      50,463        3,677,239  
Southern Co.      87,435        6,206,136  
Xcel Energy, Inc.      44,207        2,689,554  
     

 

 

  
(Cost $57,984,842)         52,916,697  
     

 

 

  

TOTAL COMMON STOCKS

(Cost $2,094,534,153)

         2,299,690,408  
     

 

 

  
SECURITIES LENDING COLLATERAL - 0.0%

 

   
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)
(Cost $446,250)		      446,250        446,250  
     

 

 

  
CASH EQUIVALENTS - 0.2%      
DWS Government Money Market Series “Institutional Shares”, 5.31% (b)
(Cost $5,355,243)		      5,355,243        5,355,243  
     

 

 

  

TOTAL INVESTMENTS - 99.8%

(Cost $2,100,335,646)

       $ 2,305,491,901  
Other assets and liabilities, net - 0.2%         3,869,683  
     

 

 

  
NET ASSETS - 100.0%       $ 2,309,361,584  
     

 

 

  

For information on the Fund’s policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2023 is as follows:

 

Value ($) at

8/31/2023

  

Purchases Cost

($)

  

Sales

Proceeds

($)

  

Net Realized

Gain/(Loss)

($)

  

Net Change in

Unrealized

Appreciation

(Depreciation)

($)

  

Income

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Capital Gain

Distributions

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Number of

Shares at

11/30/2023

  

Value ($) at

11/30/2023

                                 

SECURITIES LENDING COLLATERAL — 0.0%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)

565,175   —     (118,925) (d)   —     —     4,566   —     446,250   446,250

CASH EQUIVALENTS — 0.2%

DWS Government Money Market Series “Institutional Shares”, 5.31% (b)

6,190,253   16,840,428   (17,675,438)   —     —     51,257   —     5,355,243   5,355,243

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

6,755,428   16,840,428   (17,794,363)   —     —     55,823   —     5,801,493   5,801,493

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

 

*

Non-income producing security.

(a)

All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2023 amounted to $423,024, which is 0.03% of net assets.

(b)

Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

(c)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(d)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2023.

 

REIT:

Real Estate Investment Trust

At November 30, 2023, open futures contracts purchased were as follows:

 

Contract Description

    Currency    Number of
Contracts		      Notional
Amount		      Contract
Value		      Expiration
Date		      Unrealized
Appreciation†		  
E-Mini S&P 500 ESG Futures    USD      29      $ 5,773,410      $ 5,897,440        12/15/2023      $ 124,030  
S&P 500 E-Mini Futures    USD      6        1,361,853        1,373,025        12/15/2023        11,172  
S&P Mid 400 E-Mini Futures    USD      6        1,510,090        1,540,560        12/15/2023        30,470  
                 

 

 

  
Total unrealized appreciation                   $ 165,672  
                 

 

 

  

 

†

The amount represents the unrealized appreciation (depreciation) of the Fund’s derivative instruments subject to equity contracts risk exposure as of November 30, 2023.

Currency Abbreviations

USD

U.S. Dollar

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of November 30, 2023 in valuing the Fund’s investments.

 

Assets

    Level 1      Level 2      Level 3      Total  
Common Stocks (a)    $ 2,299,690,408      $  —        $  —        $ 2,299,690,408  
Short-Term Investments (a)      5,801,493        —          —          5,801,493  
Derivatives (b)            

Futures Contracts

      165,672        —          —          165,672  
  

 

 

     

 

 

     

 

 

     

 

 

  
TOTAL    $ 2,305,657,573      $ —        $ —        $ 2,305,657,573  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)

See Schedule of Investments for additional detailed categorizations.

(b)

Derivatives include unrealized appreciation (depreciation) on open futures contracts.

OBTAIN A FUND PROSPECTUS

To obtain a summary prospectus, or prospectus, download one from www.Xtrackers.com, talk to your financial representative or call (855) 329-3837. Investing involves risk, including the possible loss of principal. We advise you to carefully consider the product’s objectives, risks, charges and expenses before investing. The summary prospectus and prospectus contain this and other important information about the investment product. Please read the prospectus carefully before you invest. Xtrackers ETFs (“ETFs”) are managed by DBX Advisors LLC (the “Adviser”), and distributed by ALPS Distributors, Inc. (“ALPS”). The Adviser is a subsidiary of DWS Group GmbH & Co. KGaA, and is not affiliated with ALPS. Shares are not individually redeemable, and owners of Shares may acquire those Shares from the Fund, or tender such Shares for redemption to the Fund, in Creation Units only.

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas Inc. and RREEF America L.L.C. which offer advisory services.

NO BANK GUARANTEE | NOT FDIC INSURED | MAY LOSE VALUE

USCA-PH1

R-089711-1 (5/24) DBX005195 (5/24)